5 Marketing Mistakes
There are plenty of right and wrong ways to do things and small business owners can have a hard time finding the right ways to market their products and services. Here's a brief overview of 5 common marketing mistakes and how to avoid them when marketing your small business:Mistake #1: Not researching your product or service needs
Many business owners have a wonderful idea of a product or service that is needed in the marketplace, and then spend all their money creating it. Before you spend money on your product or service, you need to research the market first to make sure there isn't a similar product or service out there already, and to determine if there is even a need for your product or service. You must conduct market research, hold focus groups and test your target market with a small run of your product and service. This can save you a lot of money and heartache in the long run.Mistake #2: Thinking that the product or service will market itself
Many small business owners think their product or service is so great that it will sell itself. Unfortunately, thinking that if you build it they will come doesn't really work. How can people flock to something they've never even heard of? You must consistently market your product, which means you need to create a marketing plan. Mistake #3: Preparing and then not taking action
Many business owners have a fear of failing. Actually, who doesn't have this fear? But instead of trying to prevent it, you need to follow through with your marketing plan and, as in the slogan of Nike, "Just Do It". It's hard at first, but you have to take the first step to travel a mile. If you fail, evaluate what went wrong, change it and try again. Thomas A. Edison said "I have not failed. I've just found 10,000 ways that won't work." If he had given up, we would be in the dark right now. Mistake #4: Constantly changing your marketing campaign
This happens a lot - the business owner and employees see their marketing materials day in and day out and get tired of them. Who wants to see that same old marketing campaign after six months? Your potential customers do, that's who. Just because you've seen your logo a million times doesn't mean everyone else has. If your marketing campaign is working just fine, don't change it for the sake of change. Change your marketing campaign when it stops bringing in customers.Mistake #5: Don't play follow the leader with your competitors
Yes, you should know what your competitors are doing, but you shouldn't copy them just because it's working for them. For instance, if your competitors are known as "low price leaders", then don't try to beat them out of that title - choose another like "highest quality at the lowest prices". Find the missing quality that your competitors aren't giving to your shared target market. Stick to your strengths in order to exploit their weaknesses.